Rupee gains two paise against dollar

Mumbai, Aug 29: The rupee erased its early loss against the dollar this morning and was up marginally by two paise at 55.65 due to mild selling of the American currency amid its weakening against other currencies in the overseas forex markets.

The rupee resumed slightly lower at 55.69 a dollar as against the last closing level of 55.67 at the Interbank Foreign Exchange (Forex) Market.

It moved between 55.60 per and 55.70 a dollar before quoting at 55.65 at 1040hrs. In New York market, the US dollar declined yesterday after European Central Bank President Mario Draghi cancelled a planned appearance at the Federal Reserve's high-profile economic forum.

Meanwhile, the BSE 30-stock index, Sensex, was trading with a loss of 73 points, or 0.44 per cent, over yesterday's close.